New Hampshire Code of Administrative Rules
Csp - N.H. College Tuition Savings Plan Advisory Commission (See RSA 195-H:3.)
Chapter Csp 300 - ESTABLISHMENT, OPERATION AND ADMINISTRATION OF THE PLAN
Part Csp 303 - OPERATION OF THE PLAN
Section Csp 303.07 - Termination of an Account

Universal Citation: NH Admin Rules Csp 303.07
Current through Register No. 12, March 21, 2024

Notwithstanding any other provision of these rules, the trustee shall terminate an account if he or she determines that the participant or the designated beneficiary has provided materially false or misleading information to the trust, a vendor to the trust charged with administrative duties for the plans, or an eligible educational institution. Upon such a finding and a termination, the trustee shall assess a penalty equal to 10 percent of the account balance at the time of termination. Any penalty assessed against an account pursuant to this paragraph shall be charged against the account and paid to the trustee. The trustee shall pay the balance of funds remaining after such penalty assessment to the participant.

#7083, eff 8-26-99, EXPIRED: 8-26-07

New. #9585, eff 11-2-09

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